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Sensex, Nifty On Road To Recovery

Indian shares look set to rebound from Thursday’s sell-off after the GST Council finalized tax rates on eighty to 90 percent items under the Goods and Services Tax (GST) and Axis Bank cut its home loan interest rates, taking cues from its larger rivals.

Bajaj Auto reported a 15 percent decline in Q4 profit on lower sales due to demonetization and emission compliance, but said it expects better results going ahead.

Meanwhile, the Centre on Thursday unveiled a draft law, which seeks to confiscate the property of the economic offenders escaping the country.

Asian stocks are trading mostly lower this morning, although losses remained capped in the wake of strong U.S. economic data.

The dollar held onto overnight gains as investors shifted their focus to next week’s testimony to the Senate by former FBI Director James Comey.

Oil extended gains for the third straight session on optimism over an extension to OPEC’s production curbs, while gold clawed back some of Thursday’s losses. Brazilian assets tumbled in reaction to corruption allegations against President Michel Temer.

Overnight, U.S. stocks recovered from early losses to finish modestly higher, with rising oil prices and a string of positive economic data on jobless claims, regional manufacturing activity and leading economic indicators helping underpin investor sentiment.

Also, the new administration took the first step toward renegotiating the North American Free Trade Agreement, helping ease concerns over Trump’s ability to deliver on his economic agenda.

The Dow rose 0.3 percent, the S&P 500 gained 0.4 percent and the tech-heavy Nasdaq Composite advanced 0.7 percent.

European markets retreated for a second straight session on Thursday, but finished well off their intraday lows. The pan-European Stoxx Europe 600 index dropped half a percent.

Back home, the benchmark index BSE Sensex dropped 0.7 percent on Thursday and the broader Nifty index fell as much as 1 percent as political uncertainty surrounding U.S…

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